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Taxman puts heat on small business |   |
Small businesses are “easy prey” for the taxman as they experience a big increase in the number of tax inspections, according to a report in The Times today.
A study by Abbey Tax Protection of more than 2,500 claims between 1997 and 2005 found that nearly 50 per cent of investigations are undertaken into traders with less than £50,000 in turnover. In 2004 that figure was 54 per cent.
Since the advent of the self-assessment tax system in 1996, the Inland Revenue, now HM Revenue & Customs (HMRC), can conduct random investigations against businesses and private individuals without giving reasons for the inquiry.
However, according to the study, the crackdown has generated only a small increase in the amount of money received by the HMRC.
Read the full story in The Times.
Posted July 7, 2005
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